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Bank of America to price 8% STEP Income Securities tied to JPMorgan
By Marisa Wong
Milwaukee, April 26 - Bank of America Corp. plans to price 8% STEP Income Securities linked to the common stock of JPMorgan Chase & Co., according to an FWP filing with the Securities and Exchange Commission.
The notes will have a tenor of one year and one week.
Interest will be payable quarterly.
The payout at maturity will be par of $10 plus the step payment if the final share price is greater than or equal to the step level, which is 108% of the initial share price. The step payment is expected to be 1% to 5% and will be set at pricing.
The payout will be par if the final share price is greater than or equal to the initial share price but less than the step level. Investors will be exposed to any share price decline.
The notes will price in April and settle in May.
Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC are the agents.
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